PAL reports loss of $4.55 million for six months ended

Date: February 14, 2019

Palace Amusement Company (PAL) reported six months total revenues of $520.09 million, a 5% increase when compared with the $492.99 million recorded for corresponding period in 2017. Total revenue for the quarter increased 8% to total $250.71 million relative to the $233.03 million recorded for same period in 2017.

Direct Expenses for the period amounted to $421.05, a 7% increase when compared with the $394.48 million recorded for the same period in 2017. As such, gross profit for the period amounted to $99.04 million (2017: $98.51 million), a 1% increase when compared to the corresponding period in 2017. Gross profit rose 5% to $45.45 million compared to $43.20 million for the corresponding quarter of 2017.

Administrative Expenses increased by 7% to total $99.90 million when compared to $93.49 million recorded for the comparable period in the prior year. Notably, other operating loss for the six months totalled $2.78 million relative to the operating income of $157,000 million booked in same period for 2017. Consequently, operating loss for the period amounted to $3.65 million relative to an operating profit of $5.17 million in 2017. For the quarter, operating loss increased 197% to total $14.03 million relative to the operating loss of $4.72 million booked in 2017.

For the six months period, finance costs declined 22% moving from $1.15 million to the $901,000. There was also no taxes incurred year-to-date for the period in review or for the comparable period the prior year.

As a result, Net loss for the six months period amounted to $4.55 million relative to the net profit of $4.02 million recorded in the corresponding period for 2017. For the quarter, net loss amounted to $14.49 million, relative to a loss of $5.28 million recorded for the same quarter in 2017.

Total comprehensive loss for the period amounted to $265,000 compared to an income of $6.11 million for the corresponding period in 2017.

Consequently, Net loss attributable to shareholders for the period amounted to $4.59 million, versus a profit of $4.10 million compared to the corresponding period in 2017.

Loss per share for the period totaled $3.20 relative to earnings per share of $2.85 in 2017. For the quarter, the company recorded loss per share of $10.10 relative to the loss per share of $3.65 for the comparable period in 2017. The twelve month trailing earnings per share is $80.13 and the number of shares used in our calculations is 1,437,028 units. Notably, the stock price for PAL closed the trading period on February 14, 2018 at JMD $1450.0

 Balance Sheet Highlights:

As at December 31, 2018, the Company reported total assets of $627.57 million, a 23% increase when compared to $512.04 million in the prior year. This growth resulted from the $19.06 million increase in Property, Plant and Equipment to $228.52 million (2017: $209.46 million). Cash and Cash Equivalents increased year over year to $73.51 million compared to $30.79 million twelve months earlier.

Shareholders’ Equity as at December 31, 2018 was $483.06 million compared to $362.68 million for the prior year. This resulted in a book value per share of $336.15 compared to $252.38 booked a year ago.

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2019-02-15T00:03:35+00:00